Nutrien price target raised to $65 from $60 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Nutrien (NTR) to $65 from $60 and keeps an Equal Weight rating on the shares. While a “range of outcomes” exists for urea prices over the next several years, the firm believes it is more likely that price strength will persist in the near term, pointing to Chinese export policy/trade negotiations, geopolitical risks such as Middle East supply, and LNG exports as key drivers.